www.iva.co.uk

Will an IVA affect my ability to rent property?

Are you talking about your current rental property or your ability to rent in the future?



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Both!!

Many thanks.

An IVA shouldn't affect your current rental property as you will be allocated a monthly budget to pay for this. If you owe your current landlord money then including this in your IVA could strain the relationship. Depending on the amount owing you may be able to include an arrears amount in your monthly budget and exclude the debt from the IVA.

If you look to start a new rental agreement whilst in an IVA you will (i) have to look for something of similar or lower cost than your present one in order to maintain your monthly creditor commitments and (ii) you will have to be upfront and honest with your landlords so that you can explain your poor credit rating if they choose to score you. Once explained this often can be overcome by putting down a larger advanced rent amount (sometimes up to 6 months). This may be difficult to do in an IVA and you may need to seek a payment break to fund a larger advanced rent payment.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

But will landlords frown upon you if you have an IVA?

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But will future landlords frown upon you if you have an IVA?

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Not neccesarily, lots of landlords now do credit checks on prospective tenants and may take a dim view of a poor credit score. However, if you explain that your IVA sets aside a monthly amount to pay your rent then this should ease the worries of your landlord.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Well i've NEVER defaulted on my rent in 4 years, but i know that my current landlord did a credit check, but it was only to see if my earnings (£22000) covered my rent.

Bt because i'm planning on moving soon, i'm just paranoid that if i took out an IVA i would be homeless!

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I understand the concern but am confident that if you are up front and honest with prospective landlords this will not be a problem.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Whatever stage you are at in finding a debt solution, honesty is the best policy whether it is going for a new bank account, prospective landlords etc.

Just remember that you are doing a great thing by confronting your debt problem.

Best Regards. IVA Experts

Hi
I have to agree with IVA experts on this point.
Being honest and open is the best policy going forward and will make your stress levels a lot lower.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Saw this

We decided that we were struggling with our IVa and decided that it would be best to move into the rented sector.

We spoke to a couple of managing agents and they were sympathetic and told us what to prepare for.

Basically we had to find the initial deposit and provide a six months deposit.

Generally if you are able to do this then you will have no problems.

Good luck

Regards

Ray

I speak as an Insolvency Practitioner, and the landlady of several buy to let properties. Personally, I find people who have been in financial difficulties far better tenants than those who have not. IVA and bankrupt tenants are far more careful with their money, and have learned to prioritise the important things like keeping a roof over their heads.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk